According to Research and Markets, the global mobile crane market accounted for $9.08 billion in 2016 and is expected to grow at a CAGR of 6.9% and reach $14.56 billion by 2023.

The report noted the market is driven by rapid growth in the power distribution sector, demand from utilities sector, expansion in industrial construction and maintenance and increased infrastructure based development. Further, demand for fleet management services is also provoking demand for cranes.

On the other hand, lack of skilled and qualified crane operators, stringent emission norms, used and spurious equipment and growing cost of compliance are inhibiting market growth. The market is witnessing the growing popularity of telescopic crawlers, demand for mobile tower cranes and rise in the use of telematics.

The construction segment dominated the end user market due to the recovery of the housing market and growth in the non-residential construction industry.

The all-terrain crane segment dominated the global mobile cranes market. The Asia Pacific region is expected to bloom during the forecast period as countries such as India, Vietnam, Indonesia, Malaysia and the Philippines will contribute significantly to the growth of this regional market. The government of China’s focus on increasing the quality of the country’s existing infrastructure is a significant factor as well. Europe and North America also are expected to contribute to the future growth of the mobile cranes market.